Crude Oil Prices Indecisive after 5% Weekly Rally; Brent Holds Above $60

Oil started the week off with mixed readings after last week’s nearly 5% rise as investor sentiment in black gold continued to be buoyed by hopes of extension to the OPEC-led deal to curb production.

U.S. crude showed cautious trade around the unchanged mark Monday with the benchmark unable to hold the $54 mark, though the London barrel managed to extend gains.

The U.S. West Texas Intermediate crude December contract slipped 2 cents, or 0.04%, to $53.88 a barrel by 5:12AM ET (9:12GMT).

Elsewhere, Brent oil for January delivery on the ICE Futures Exchange in London rose 23 cents, or 0.38%, to $60.36 a barrel.

Monday’s mixed move was a continuation of a rally at the end of last week that pushed Brent above the $60 mark, spurred by speculation that the Organization of the Petroleum Exporting Countries (OPEC) will agree to extend a deal to cut levels of production in order to rebalance the market.
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